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Red Bull will continue to be supplied with Renault engines until at least the end of 2018, with Toro Rosso also linking up with the manufacturer once more.
Red Bull and Renault endured a fractious relationship in 2015 but a lack of alternatives meant the duo remained connected into 2016.
Gains made by a restructured Renault operation so far in 2016 have convinced Red Bull to extend the current partnership by a further two years, continuing a relationship which began in 2007.
Toro Rosso, which is utilising 2015 Ferrari power units this year, will return to use Renault power next year, having been supplied by the manufacturer in 2014-15.
Both Red Bull and Toro Rosso are free to badge the power units as they wish.
"We are very pleased to partner with two such strong teams as Red Bull Racing and Scuderia Toro Rosso," said Renault Sport Racing President Jerome Stoll.
"Having competitive partners demonstrates the confidence both have in the improved Renault power unit and in our organisation as a whole."
Red Bull team boss Christian Horner added: "We are delighted to extend our partnership which has proved very successful over time.
"After the reconstruction that Renault has undertaken, clear progress has been made which has made it logical to continue with the TAG Heuer badged engine."
